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Stonebriar Completes First Securitization for $254 Million

July 14, 2016, 07:05 AM
Filed Under: Industry News

Stonebriar Commercial Finance (Stonebriar), announced the closing of its inaugural securitization transaction, SCFET 2016-1, which was completed on June 27, 2016. Stonebriar securitized a $254 million portfolio of commercial equipment loans and leases across the aviation, marine transportation, energy, construction, and manufacturing industries. The transaction received ratings of A (high) (sf) and BBB (sf) from DBRS and A+ (sf) and BBB (sf) from Kroll Bond Rating Agency. Credit Suisse and Guggenheim Securities were joint book runners. Credit Suisse Securities was also the structuring agent of the notes. Stonebriar will continue to service the assets, with US Bank as backup servicer.

Jon-Claude Zucconi, Managing Director for Credit Suisse, stated "Stonebriar's inaugural large-ticket equipment platform securitization met strong and diversified investor interest. Ultimately 20 accounts participated in the transaction across the senior and subordinate classes driven by money managers, insurance companies and pension funds." He reported that "the Class A Notes priced at guidance levels and the Class B Notes, which were over 2X subscribed, priced at the tight end of guidance."

Dave B. Fate, President and CEO of Stonebriar, stated "As a first time issuer, we were extremely pleased with the rating and market reception of the transaction. The fact that Stonebriar launched its business in April 2015 and was able to successfully execute this securitization just 14 months later is a testament to the leadership of our executive management team and the background of our experienced staff in building a quality asset portfolio that was so enthusiastically accepted by the investor community. We look forward to becoming a serial issuer."

Stonebriar is a privately held commercial finance company established in 2015 and based in Plano, TX. With financial backing from Security Benefit Corporation, Stonebriar is building a world class, multi-billion dollar platform of commercial loans and leases. Stonebriar specializes in transactions for businesses in a wide variety of industries (Business Aviation, Rail Leasing, Realty Capital, marine, transportation, manufacturing, energy, etc.) throughout the entire credit spectrum located in the United States, Canada and select other foreign jurisdictions.

Comments From Our Members

Bob Rinaldi • View APN Profile
Congrats Dave! That is a wonderful testament to your expertise and passion. Not many large ticket securitizations have been completed in the past. You truly are a trailblazer! Wishing you many more.
7.14.2016 @ 9:20 AM

Dave Fate
Thanks for the kind words Bob. Both Credit Suisse and Guggenheim Securities did a great job for us. You have to get the inaugural one completed so you can move on to the next one....which we already are.
7.14.2016 @ 1:47 PM
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